|
Report No. : |
304405 |
|
Report Date : |
24.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
DSA FIBRES (ZHANGJIAGANG) LTD. |
|
|
|
|
Registered Office : |
Room 1102b, Textile Material Market, Free
Trade Zone Logistics Park, Zhangjiagang, Jiangsu Province, 215633 |
|
|
|
|
Country : |
China |
|
|
|
|
Date of Incorporation : |
22.11.2002 |
|
|
|
|
Com. Reg. No.: |
320592400001175 |
|
|
|
|
Legal Form : |
Chinese-Foreign Equity Joint Venture
Enterprise |
|
|
|
|
Line of Business : |
Subject is engaged in selling textiles. |
|
|
|
|
No. of Employee : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation and expanded the daily trading band within which the RMB is permitted to fluctuate. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2013 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources.
|
Source
: CIA |
DSA FIBRES
(ZHANGJIAGANG) ltd.
ROOM 1102B,
TEXTILE MATERIAL MARKET, FREE TRADE ZONE LOGISTICS PARK, ZHANGJIAGANG, JIANGSU PROVINCE,
215633 PR CHINA
TEL: 86 (0)
512-58327716 FAX: N/A
INCORPORATION DATE :
NOV. 22, 2002
REGISTRATION NO. :
320592400001175
REGISTERED LEGAL FORM : CHINESE-FOREIGN EQUITY JOINT VENTURE
ENTERPRISE
CHIEF EXECUTIVE :
MR. ZHANG YI (CHAIRMAN)
STAFF STRENGTH :
15
REGISTERED CAPITAL : USD 1,230,000
BUSINESS LINE :
TRADING
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
UNKNOWN
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.2269 = USD 1
Note: SC’s current
operating address and correct contact no. should be the heading ones, while the
given tel. no. (025-51887300-8016) belongs to DSA Textile Enterprises Ltd., and
the was the former one.
SC was registered as
a Chinese-foreign equity joint venture
enterprise at local Administration for Industry & Commerce (AIC-The
official body of issuing and renewing business license) on Nov. 22, 2002.
Company Status:
Chinese-foreign equity joint venture enterprise
This form of business in PR China is defined as a legal person. It is a
limited co. jointly invested by one or more foreign companies and one or more
PR China controlled companies within the territories of PR China according to a
certain proportion of capital investment. The investing parties exercise
business management, share profits and bear all risks and liabilities of the
co. together. The equity joint venture law requires that foreign party
contribute not less than 25% of the registered capital, with no maximum. The
investing parties are free to agree on method of profit distribution and
liabilities bearing according to the proportion of capital investment. Each
investing parties contributes funds, tangible assets, technology & etc. The
board of directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s
registered business scope includes import and export trade in the bonded area,
entrepot trade, trade among enterprises in the domestic bonded area, and trade
among enterprises that has the right to operate import and export outside the
bonded area; commission processing related to trade.
SC
is mainly engaged in selling textiles
Mr.
Zhang Yi is legal representative and chairman of SC at present.
SC
is known to have approx. 15
employees at present.
SC is currently operating at the above stated
address, and this address houses its operating office in the Free Trade Zone
Logistics Park of Zhangjiagang. Detailed premise information is not available
at present.
SC is not known to host website of its own at present.
Changes of its
registered information:
|
Date of change |
Item |
|
2014-8-7 |
Company’s
Chinese name
|
Note: SC changed its Chinese name in 2014,
while its English name remains the same.
Organization Code: 743739068
For the past two years there is no record of
litigation.
MAIN SHAREHOLDERS:
Grand Sun
International Pty Ltd. (Australia) 767,953.3 62.44
DSA Textile
Enterprises Ltd. 462,046.7 37.56
DSA Textile
Enterprises Ltd.
Registration no.:
320100000086728
Registered capital:
CNY 20,000,000
Legal
representative: Han Xiaojun
Incorporation
date: 1998-04-20
Tel:
86-25-51887300-8016
Fax:
86-25-84701398
Address: 17/F
Tiancheng Mansion, No.199 Guangzhou Road, Nanjing
l Legal
representative and chairman:
Mr. Zhang Yi
is currently responsible for the overall management of SC.
Working Experience(s):
At present Working in SC as legal
representative and chairman.
l Vice-chairman:
Han Xiaojun is currently responsible for the
daily management of SC.
Working Experience(s):
At present Working in SC as vice-chairman.
Also working in DSA Textile
Enterprises Ltd., Yangzhou Hengli Textile Co., Ltd., Zhangjiagang Luhao New
Textile Co., Ltd. (in Chinese pinyin) as legal representative.
l Director:
Wu Yue
Note: the given
contact person (Miss Lin Jing) is confirmed to be working in DSA Textile
Enterprises Ltd.
SC
is mainly engaged in selling textiles.
SC’s products mainly
include: textile material, yarn, curtain, medical non-woven fabric,
solution-dyed acrylic, etc.
SC sources its
materials 100% from domestic market. SC sells its products 30% in domestic
market, and 70% to overseas market.
The buying terms of SC include Check, T/T
and Credit of 30-60 days. The payment terms of SC include Check, T/T, L/C and
Credit of 30-60 days.
Note: SC’s
management refused to release its main suppliers and clients.
Yangzhou Hengli Textile
Co., Ltd.
Registration no.:
321000400006211
Legal
representative: Han Xiaojun
Incorporation
date: 2004-02-25
SC is known to
invest in the following company:
Zhangjiagang Luhao
New Textile Co., Ltd. (in Chinese pinyin)
Registration no.:
320582000183239
Legal representative:
Han Xiaojun
Incorporation
date: 2009-07-08
Overall payment appraisal :
( )
Excellent ( ) Good
(X) Average ( ) Fair
( ) Poor ( ) Not yet determined
The appraisal serves as a reference to
reveal SC's payments habits and ability to pay.
It is based on the 3 weighed factors:
Trade payment experience (through current enquiry with SC's suppliers),
our delinquent payment and our debt collection record concerning SC.
Trade payment
experience : SC did not provide any name of trade/service suppliers and we have no
other sources to conduct the enquiry at present.
Delinquent payment record : None in our database.
Debt collection record : No overdue amount
owed by SC was placed to us for collection within the last 6 years.
SC declined to release its banking details.
SC’s management declined to release any financial information.
SC is considered
small-sized in its line with 13 years operation history. Taking into consideration
of SC’s operation size we would rate SC as an above average credit risk
company. Credit confined into small amount may be considered.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.50 |
|
|
1 |
Rs. 92.16 |
|
Euro |
1 |
Rs. 69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.